400 owners to a building

More than half of the buildings located in central Athens are owned by ten people or more, complicating efforts to make any decisions on the asset, said Nikos Triantafyllos, associate professor from the University of Thessaly. In some cases, larger sized buildings of more than 4,000 square meters are owned by up to 400 people, the university professor said in a study.

Triantafyllos pointed out that six in ten buildings in the city center were built before 1960 and that about a third of offices in the area are vacant amidst deteriorating quality of real estate in the area.

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All this leads to a lower standard of living and a higher level of insecurity for local residents in a trend that could get worse, the study added.

Among the recommendations made by the professor is the introduction of flexible laws allowing for the renovating of buildings that have multiple owners and introducing incentives to draw business and more productive members of the community to central districts.